Former STELCO Managing Director Ahmed Shareef's passport has been seized in relation to an ongoing investigation being conducted by the Anti Corruption Commission (ACC).
Former STELCO Managing Director Ahmed Shareef's passport has been seized in relation to an ongoing investigation being conducted by the Anti Corruption Commission (ACC).
An ACC Official told Mihaaru News that Shareef's passport has been held from yesterday onwards under a court order.
The official did not disclose details of the investigation.
However, a case had been submitted to the ACC earlier alleging that Shareef had signed an agreement which causes losses of USD 7 million to STELCO.
STELCO's previous management had signed an agreement with China's Dongfang Electric International Corporation (DEIC) to pay USD 7.8 million (MVR 120 million) as compensation in September, 2023, Mihaaru News reports. This issue was raised in parliament last July.
Shareef had signed this settlement agreement in contravention of the Privatization and Corporatization Board's instructions, and in a way that causes loss to STELCO, the issue raised in parliament states.
As it is believed that this was done through deceiving the company's Board of Directors as well, STELCO had appealed in July to the ACC to investigate this matter.
With the agreement having already been signed, there is no alternative besides fulfilling the payment. It has been reported that Shareef signed this agreement saying it is compensation for the losses caused during the Covid 19 pandemic.
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